Friday, May 25, 2007
The Housing Market In A Slump
This is not news to anyone who has been reading the papers or watching the nightly news. However, the great thing about it is that this is a buyers market. Sellers are not going to be happy by any means though. If you are someone who has not bought a home or wants to buy one, now is definitely the time to get into the house hunting mood.
Sellers, I do feel bad for you since your extremely expensive home is likely to go very low on the price of the sale. Thing is, according to the experts (sometimes I wonder what they could possibly know), the time for the slump is about over. The prices of homes will rise soon.
Builders of new homes have slashed the prices by a whopping $30,000 because of the inventory of unsold new homes. Of course, the National Association of Realtors put out it's monthly report today on the sale of existing homes since that makes up about 84% of home sales across the nation.
Many wonder what is causing the slowdown of home sales, both new and existing. Apparently, one reason is that a large number of home lenders have gone out of business thus hurting the sales. We will see what happens in the coming months. If the trend continues, it is likely that the home owners will choose to stay in the current homes rather than lose so much money on the sale. Others will have to bite the bullet and sell at a loss.
Categories: My Take on Things